More funds available for social enterprises

Social enterprises will be able to bid for a share of £180,000 of funding in the next round of our innovative Social Enterprise Investment Fund.

Hot on the heels of the recent announcement of the latest recipients being awarded a share of £420,000, the Council is calling for bids for another round.

The funding could be a mixture of loans and grants for social enterprises that will help create jobs and bring redundant buildings back into use.

Earlier this week one of the first enterprises to receive funding in round one was named City Centre Company of the Year in the Plymouth City and Waterfront Awards.

Effervescent moved into the old Halifax Bank on Derry’s Cross in 2013. The building has been converted into an art gallery, rehearsal/making space, vintage bistro and creative business incubation hub.
The organisation was awarded £19,310 in first round of the £500,000 pioneering fund from the Council’s ‘Building for Jobs’ Investment Fund finance.

This is the first time a social enterprise has received this accolade in Plymouth, said Director Eloise Malone and said it was ‘a wonderful sign in a city which is clearly beginning to embrace an ecology of culture, creativity and social innovation.’
She also added: “This is also a massive win for creative practice with children and young people – it’s being recognised as high quality, valuable, an important draw for tourism, and part of the city’s social and economic regeneration.”

Councillor Chris Penberthy, Cabinet Member for Cooperative and Housing said: “I’m really proud of the way social enterprises are taking off here in Plymouth. They involve committed people who believe in making life better for the community around them and helping to contribute to making Plymouth a fairer city. It’s incredibly impressive and we are delighted to be to continue our support.”
Each investment will be assessed on a case by case basis. The closing date is midnight 22 November 2015.
The capital loans are available as repayable loans and revenue funding in the form of individual grants between £5,000 and £10,000 for business support is also available.
For more details of what is available visit www.plymouth.gov.uk/socialenterprises
For further information email jane.hunt@plymouth.gov.uk

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